Business

Siemens Energy CEO says group has received GE lawsuit

Siemens Energy has received a lawsuit filed by rival General Electric accusing a unit of the German firm of using stolen trade secrets to rig bids for gas turbine contracts and cover up improper business gains of more than US$1 billion.

FILE PHOTO: The General Electric logo is seen in a Sears store in Schaumburg
FILE PHOTO: The General Electric logo is seen in a Sears store in Schaumburg, Illinois, September 8, 2014. REUTERS/Jim Young

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FRANKFURT: Siemens Energy has received a lawsuit filed by rival General Electric accusing a unit of the German firm of using stolen trade secrets to rig bids for gas turbine contracts and cover up improper business gains of more than US$1 billion.

The lawsuit was received on Jan. 29, Siemens Energy Chief Executive Christian Bruch told journalists in a call following fiscal first-quarter results, adding the group would now carefully assess the claims.

Bruch confirmed that the case, made public last month, was initially uncovered by Siemens Energy, adding the firm already pointed to it in its listing prospectus dated Sept. 7.

(Reporting by Christoph Steitz; editing by Thomas Seythal)

Source: Reuters